Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
Government of Jerseygov.je

Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Collective Investment Funds (Recognized Funds) (Permit Conditions for Functionaries) (Amendment No.4) (Jersey) Order 2018

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made on 13 November 2018:

Decision Reference: MD – C–2018-0155

Decision Summary Title :

Collective Investment Funds (Recognized Funds) (Permit Conditions for Functionaries) (Amendment No. 4) (Jersey) Order 201-

Date of Decision Summary:

13 November 2018

Decision Summary Author:

 

Lead Policy Adviser: Financial Services          

 

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Collective Investment Funds (Recognized Funds) (Permit Conditions for Functionaries) (Amendment No. 4) (Jersey) Order 201-

Date of Written Report:

2 October 2018

Written Report Author:

Lead Policy Adviser: Financial Services

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:  

 

Collective Investment Funds (Recognized Funds) (Permit Conditions for Functionaries) (Amendment No. 4) (Jersey) Order 201- (the “Order”)

 

Decision(s):

 

  1. The Chief Minister hereby:

 

  • made the Order;

 

  • directed that Officers notify the Publications Editor and the Law Draftsman that the Order has been made, forward the signed and sealed Order to the Publications Editor, States Greffe, and request the Greffier of the States to arrange for its notification to the States.

Reason(s) for Decision:

 

The Order will update the Recognized Funds (Permit Conditions for Functionaries) Order to take account of the establishment of the Channel Islands Financial Ombudsman.

 

--- ooo ---

 

The JFSC consulted on the Draft Legislation through Consultation Paper No. 11 2017 published in November 2017. No respondents raised any concerns. In fact, the very few comments that respondents did make on specific aspects of the Draft Legislation were wholly supportive. The JFSC published in March 2018 a Feedback Paper summarising the responses received.

The JFSC has recommended that the Chief Minister lodges the AIF Amendment Regulations, the Miscellaneous Provisions Law and the Miscellaneous Provisions Regulations for debate in the States and that the Order be made.

 

Resource Implications:

 

There are no financial or manpower costs for the States.

 

Action required:

 

Officers notify the Publications Editor and the Law Draftsman that the Order has been made. The Greffier of the States to be requested to arrange for the notification of the making of the Order to the States

Signature:

 

 

Position:

 

Chief Minister

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

Collective Investment Funds (Recognized Funds) (Permit Conditions for Functionaries) (Amendment No.4) (Jersey) Order 2018

 

 

Decision Summary

REPORT

COLLECTIVE INVESTMENT FUNDS (RECOGNIZED FUNDS) (PERMIT CONDITIONS FOR FUNCTIONARIES) (AMENDMENT No. 4) (JERSEY) ORDER 201-

(the “Amendment Order”)

The business of a functionary (e.g. a manager) of a recognized fund falls within the scope of the Channel Islands Financial Ombudsman.

Currently, Article 18(1)(c) of the Collective Investment Funds (Recognized Funds) (Permit Conditions for Functionaries) (Jersey) Order 1988 requires that where a complaint is made to a functionary of a recognized fund, the functionary must remind the complainant that:

  • it is open to the complainant to report the matter to the Jersey Financial Services Commission (the “JFSC”); and
  • if the complainant is dissatisfied with the outcome of the functionary’s investigation of the complaint, the complaint may ask the JFSC to investigate the complaint.

Those references to the JFSC are no longer appropriate given that complaints about functionaries of recognized funds now fall within the remit of the Channel Islands Financial Ombudsman.

The Amendment Order will substitute the outdated references to the JFSC with references to the “Office of the Financial Services Ombudsman” (the formal statutory name for the Jersey office of the Channel Islands Financial Ombudsman).

© States of Jersey Page 1 of 1

Back to top
rating button